-Lets work on this at 730
Hieu- Analysis: what is the company is about: how is about the industry...environment, consumers Mark -Concept Development: background, what is the problems
Krispy Kreme opened as a thriving business that truly passed all expectations.
MArk- Proposal 1: New product by looking at the consumers wants and by monitoring the competitors - buy or acquire well-known coffee,
The problem that Krispy Kreme had was not the ability to not create a new product, but the incorrect timing of the products they made. Krispy Kreme already has twenty five different types of doughnuts which means they have nowhere to expand from there. This proves why they were so successful in the beginning years and made them believe that were capable of opening hundreds of more stores because of their early success. If Krispy Kreme was smart they would have limited their product line to at most ten different doughnuts to ensure greater variety later on. They provided too many choices to begin with and when sales started to decrease they had no other offers to show customers which made their products bland and eventually unoriginal. Also it says that they were able to advertise to all major demographics including age and income, but doughnuts are not capable of being advertised to an age group. This would be the equivalent of advertising something such as ice cream to different age groups and income, it just cannot be done because everyone has different tastes so there is no specific market for it. The best thing they could have done was have a limited amount of doughnuts to initially start up their business to make a name for themselves and find their demographics to advertise to from there. Once they made a name for themselves they could then release a new doughnut or two each year to increase their uniqueness with their customers. This could have easily given them an extra seven years...
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